Product or Brand Patents
If the time between ideation and creation of the product is less, you should patent your product once it is ready for production. You don’t want to spend a lot of money, produce a product, hire staff and take loans and realize that same type of product is already there in the market. There are risks involved – as someone might be working on it already, maybe coincidently. To avoid this, you should act fast to protect your product just before it is going into production phase.
When it’s neither too late nor too early
Make sure the patenting process is neither too early, nor too late. If you are late, someone might already have conceptualized the idea and would have patented their product or brand. They get a lead because of this and gain an advantage.
If the patenting is done too early, the market might have changed quite a bit – rendering the product ineffective. Sometimes, the product itself might have undergone iterations in the form of ideas, concepts, approach – and the existing protection might not cover it fully. The brand may have to apply for a new protection. This might increase the budget and effort as well.
When you have the budget to take risks
Patenting is a risky process. Your product or brand may get a patent or be rejected. The initial process itself costs you around 12000 to 16,000 AUD. Then there are other charges related to lawyers, agents, patenting firms and other costs.